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REMA Second Consultation
12 March 2024
Type
Written Ministerial Statement
Department
Department for Energy Security and Net Zero
At a Glance
Issue Summary
The statement discusses the second consultation on the Review of Electricity Market Arrangements (REMA) aimed at preparing the electricity market for decarbonisation by 2035.
Action Requested
The consultation seeks views on reform options that could save consumers tens of billions of pounds and reduce overall system costs by £35 billion from 2030 to 2050. The government aims to finalise policy options with a summary of responses expected in summer 2024, followed by full-scale implementation from 2025.
Key Facts
- REMA second consultation seeks views on reforming the electricity market.
- Reform could save consumers tens of billions of pounds and reduce system costs by £35 billion from 2030 to 2050.
- Estimated £275-375 billion in new capacity may be required for future energy needs.
- Government will support limited newbuild gas capacity as a short-term measure.
- New gas plants are built ready to convert to low carbon alternatives.
- Summary of responses expected summer 2024, implementation from 2025.
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